Tesla Motors Inc moves plan to make 500,000 vehicles annually ahead by two years due to demand

, Investment

Tesla also said it expected capital expenditure to be 50 per cent higher in 2016 than its previous forecast of US$1.5 billion.

Tesla Motors Inc said on Wednesday it was on track to deliver 80,000 to 90,000 electric vehicles this year and that it would produce 500,000 in 2018, two years faster than expected.

Tesla’s Model 3 sedan, its first mass-market product, has generated massive interest since it was unveiled on March 31.

Chief Executive and founder Elon Musk said in late April that Tesla had received nearly 400,000 orders for the car, which is scheduled to go into production in late 2017.

The company said on Wednesday it had advanced the plan due to strong demand for the Model 3.

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